Full List: Nigeria is Second-cheapest Country to Live in Globally Amid Rising Inflation, FX Crisis

• A new Numbeo data has positioned Nigeria as the country with the second cheapest cost of living
• The list was topped by Pakistan, followed by Nigeria, Libya, India and Afghanistan, respectively
• The low ranking for Nigeria could mean economic growth as increased demand leads to more production

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Nigeria is now the second-cheapest country in the world to live in, according to Numbeo's cost of living list for 2024.

Numbeo is the largest cost-of-living database in the world and crowd-sources global database of quality-of-life data: housing indicators, perceived crime rates, healthcare quality, transport quality, and other statistics.

The cost of living is the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a particular place and period, according to Investopedia.

The cost of living can be extremely high in some nations, especially in the neighbourhoods surrounding big cities.

When it is low, it means continued economic growth, with increased demand leading to more production, employment opportunities, and a thriving economy.

On the other hand, when it is high, it leads to higher expenditure for individuals and households.

According to the ranking, Pakistan has the lowest cost of living, followed by Nigeria and Libya in second and third place, respectively.

More about Nigerian rankings

• Nigeria ranks among 10 least indebted African countries by IMF
• Nigeria ranks among countries with highest data prices in the world
• World Bank lists African countries with highest number of self-employed

Here is a list of 50 countries with the lowest cost of living (Lowest to Highest)

1. Pakistan

2. Nigeria

3. Libya

4. India

5 Afghanistan

6. Kenya

7. Bangladesh

8. Syria

9. Madagascar

10. Rwanda

11. Tanzania

12. Ghana

13. Nepal

14. Uzbekistan

15. Iran

16. Belarus

17. Kyrgyzstan

18. Paraguay

19. Argentina

20. Bolivia

21. Indonesia

22. Egypt

23. Somalia

24. Ukraine

25. Tunisia

26. Algeria

27. Namibia

28. Morocco

29. Iraq

30. Botswana

31. Russia

32. Vietnam

33. Uganda

34. Malaysia

35. Colombia

36. Azerbaijan

37. Kosovo

38. Peru

39. Sri Lanka

40. Mongolia

41. Ecuador

42. Nicaragua

43. South Africa

44. Kazakhstan

45. Philippines

46. Turkey

47. North Macedonia

48. Fiji

49. China

50. Moldova

Kogi, Lagos leads Nigeria's most expensive states

Legit.ng earlier reported impact of inflation rates on the cost of living across the country.

The most recent Consumer Price Index by the National Bureau of Statistics (NBS) for November 2023 shows the inflation rate in Nigeria stands at 28.20%, the highest level in over 18 years.

The NBS report also showed how inflation is felt differently across the country, with residents in 10 states being the worst hit.

Source: Legit.ng